One can hardly name a more anticipated document than the cryptocurrency bill, co-sponsored by US Senators Cynthia Lummis of Wyoming and Kirsten Gillibrand of New York, for the cryptocurrency community. And finally, it is here. Last week, Lummis and Gillibrand introduced a 69-page bill in the US Senate. Containing? Projects study on the environmental impact of digital assets and the advisory committee on innovation, a tax structure, a mandate to analyze the use of digital assets in retirement savings and much more.
If passed into law, the bill would undoubtedly make significant changes to the current regulatory landscape. Kirsten Gillibrand and Cynthia Lummis have confirmed that Bitcoin (BTC) and Ether (ETH) will be classified as commodities and regulated by the Commodity Futures Trading Commission (CFTC). At the same time, the authors of the bill consider that most altcoins are securities subject to the regulations of the United States Securities and Exchange Commission (SEC). “It will be a struggle to figure out what exactly is in the SEC bucket, but it could be the exception rather than the rule,” a concerned expert told Cointelegraph.
Legal troubles piling up for Terraform Labs
Terraform Labs, the parent company behind the collapsed Terra ecosystem, continues its fight with watchdogs and courts in both hemispheres. The Seoul Metropolitan Police Agency received an intelligence tip informing them of a possible embezzlement of BTC by one of the company’s employees, though not Do Kwon himself.. But Kwon is still in quite a bit of trouble, as the US Court of Appeals rejected her SEC subpoena dispute, ruling that she was properly served.
Bad week for Binance
Major cryptocurrency exchange Binance took some heavy hits last week. The SEC investigated whether Binance Holdings broke securities rules when it launched its native BNB token in an initial coin offering (ICO) five years ago.. Then, Reuters alleged that Binance processed at least $2.35 billion worth of hack transactions, investment fraud and narcotics sales between 2017 and 2021. In its written statement, the company dismissed the journalists’ accusations as attempts to misinform certain stakeholders. to “mislead the general public”.
A letter from human rights activists
Writing letters is back in fashion. A week after the open letter of the technological scientists against the effort of the industry lobbies, a new one arrives, this time from human rights activists. Campaigners from 20 countries have submitted an open letter to the US Congress in support of “responsible cryptocurrency policy” and praising Bitcoin and stablecoins as essential tools that help democracy and freedom for tens of millions of people.. The human rights coalition lashed out at the authors of last week’s anti-crypto letter, who come from countries with “stable currencies, free speech, and strong property rights” and most likely have not experienced hyperinflation or “the cold grip of the dictatorship”.
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